Risk Management

This report provides an overview of risk management, including its definition, importance, and strategies. It discusses the use of a risk register to identify and track potential risks and the benefits of implementing risk management in organizations. The report also includes references to relevant books and journals on the topic.

Risk Management

Contents
INTRODUCTION...........................................................................................................................3
PART A...........................................................................................................................................3
PART B............................................................................................................................................6
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Risk management seems to be risk analysis, assessment and resource allocation accompanied by includes the level use of funds to
reduce, coordinate and manage the likelihood of terrible circumstances or to generate potential profitable results in future (Carvalho
and Rabechini Junior, 2015). In this report, risk register or table detailing all the risk which can impact trip to Uganda and risk
legend/scale is also prepared to show the risk be more explicit. In next part importance of risk register is also discussed in the context
of following risk.
PART A
Risk register table
Risks
descriptio
n
Likeliho
od
Impac
t
Rati
ng
Mitigations Likelih
ood
Imp
act
Ratin
g
Contingency Plans Status Owner
Finan
cial
F1 Insufficien
t funding
for
unanticipa
ted
expenditur
es
1 2 2 A few little
sums of money
are secured for
confronting
unexpected
costs
3 2 2 Charity programme for
students to develop
their skills and fund the
project
Action to be
agreed
Project team
F2 Preparatio 3 1 2 Effective cash 2 1 2 Avoid spending money Action in Finance

n of
budget
could
overrun in
practical
field of
trip
programm
e
flow analysis for unnecessary items.
Try to save money by
using discounts.
progress director
Risks
descriptio
n
Likeliho
od
Impac
t
Rati
ng
Mitigations Likelih
ood
Imp
act
Ratin
g
Contingency Plans Status Owner
Opera
tional
O1 Missing a
departure
or pick up
time
4 3 3 Make sure all
trip members
are aware with
date of the trip,
pick up time
and departure
time. Everyone
will receive
1 2 2 Communicate about
standards and
expectations. Make sure
all members of the trip
have excellent time
management skills.
Actions in
process
Team leader

reminding
message
O2 Loss of
money,
passport,
ticket.
4 2 3 Insurance to be
completed
3 1 1 Ensure Appropriate risk
assessment taken place
Actions to be
agreed
Project team
Risks
descriptio
n
Likeliho
od
Impac
t
Rati
ng
Mitigations Likelih
ood
Imp
act
Ratin
g
Contingency Plans Status Owner
Reput
ationa
l
R1 Less
participati
on of
students in
the project
2 1 2 The students
must be
motivated and
confident that
they want to
attend the trip
and participate
in the project.
Make sure the
right students
3 1 3 Organising meeting for
the students to watch
related videos to get
motivation. Set up
video link with students
in Uganda.
Actions in
process
Program
convenor

have been
chosen for the
trip.
R2 Risk of
administra
tive
misunderst
anding
about
regulation
s in
Uganda
1 4 3 Activity
planners are
required to
follow up on
information on
potential
legislative
changes.
2 3 2 All members of the trip
will be notified about
any changes by
message.
Actions to be
agreed
Program
convenor
Risks
descriptio
n
Likeliho
od
Impac
t
Rati
ng
Mitigations Likelih
ood
Imp
act
Ratin
g
Contingency Plans Status Owner
Healt
h &
Safety
H&S
1
Using
drugs or
alcohol
during the
3 4 4 Organise
meeting with
the students to
explain
2 3 3 Ensure strict application
of disciplinary has been
completed
Actions to be
agreed
Program
convenor

trip behavioural
expectations
H&S
2
Risk of
injury
during the
trip
2 2 3 General
coaching and
supervision.
Qualified first-
aid personnel,
and well
stocked first-
aid kit.
2 1 3 Organise First-aid
course for the trip
members.
Actions in
progress
Project Team
H&S
3
Risk of
extreme
temperatur
e causing;
sun burn,
hypotherm
ia,
exhaustion
, colds
1 3 2 Advise all
members of
the trip for
suitable
clothing, sun
protection
cream, bottle
of water.
3 2 4 Cancel activity if
extreme temperature is
expected. Supply of
fresh drinking water.
Actions to be
complete.
Team leader
H&S
4
Risk of
member to
become
2 1 1 Provide
training to
team leader
3 1 2 Advice the members of
the trip to stay always
in group.
Closed Program
convenor
Team leader

loss about the keys
of excellent
supervising
and staff check
during the trip.
H&S
5
Risk of
fire or
earthquake
at
accommod
ation
1 4 3 Ensure
everyone is
aware of
emergency
procedures.
2 3 1 Point out all emergency
escapes in
accommodation
Closed Team leader
Risk Matrix
Negligible Minor Moderate Significant Severe
5 Very
Likely
Low
Medium Medium Medium
High High High
4 Likely Low Low
Medium Medium Medium
High High

3 Possible Low Low
Medium Medium Medium
High
Medium
High
2 Unlikely Low Low
Medium
Low
Medium Medium Medium
High
1 Very
Unlikley Low Low Low
Medium Medium Medium
PART B
Risk registers should be used to collect data on known risks and threats, their existence and extent of market effects and to track
urgent remedial measures. The simple truth that a risk assessment is about more than convenient databases is sometimes ignored.
These are instruments identifying risk control and allowing for a systemic strategy (Giannakis and Papadopoulos, 2016). A risk
registry has the primary function of acting as the archive for unique threats. Such threats may be health risks, business risks, monetary
risks, environmental danger and more, that could have different records for each form of danger-or combine and over such practical
risk into a common project management threat registry. The risk assessment allows the project team or corporation to review all
prospective or potential risks in blocks but instead define and highlight critical features of those risks in the sections connected with
the operations. Over the life cycle of a project, the function of a risk registry often develops slightly. At the beginning of a project, its
intent is to have a structure for strategizing by which project leaders as well as other managers could even come together and identify
risks. When there is a strong probability of an accident developing into an occurrence and the seriousness is still severe, so the
organization must search at disciplinary measures and safeguards to minimize the possibility of an event happening or the seriousness
in the event of accident.
Consistency: If project manager conform to a rationally organized and incorporated specification, in order to get consistency. A
Risk Register Template offers a quick structure which is able to clear and guarantees that PM can include all the essential

requirements for risk assessment, treatment and management (Hopkin, 2018). This helps them to reach high service standards,
time after time after time again.
Compactness: A tabulated interface makes many of the problems simple and sees at a moment. Refining a vast volume of
nuanced knowledge into a concise structure helps project manager to break down important details so they can convey it in quickly
digestible pieces to the audience. They should not think that their team and interested parties will painfully browse for the knowledge
they want through long and complex official texts, even though they simply can't give at the moment. Supplying them with a
lightweight option facilitates information exchange and understanding of the dangers.
Control: If project threats are regularly, regularly and comprehensively identified, including adherence to risk assessments, and
only then will Project manager track and manage everything. It helps them to track the efficiency of the risk assessment process. The
entire team should turn to the Database as a guidepost to review and track progress in meeting the defined objectives in risk reduction.
Communication: Information consistency is at the centre of every effective management undertaking. The effect of the above
advantages is that project manager will interact directly with the business analysts and partners regarding project threats including how
they will be handled, tracked and regulated through the Risk Registry (Sweeting, 2017).
CONCLUSION
In the end of report, it has been concluded that challenges, or dangers, may emerge from a broad wide range of sources, such as
financial volatility, legal obligations, failures in strategy formulation, incidents and natural disasters. Digitized businesses are
becoming a primary concern for IT security concerns as well as data-related dangers and risk monitoring to help mitigate these risk.
As a consequence, a risk management strategy progressively describes the procedures by firms to recognise and control threats to their
digital content, such as open source organizational data, personal identifying details from a customer as well as proprietary
information.

REFERENCES
Books and Journals
Carvalho, M. M. D. and Rabechini Junior, R., 2015. Impact of risk management on project performance: the importance of soft
skills. International Journal of Production Research, 53(2), pp.321-340.
Giannakis, M. and Papadopoulos, T., 2016. Supply chain sustainability: A risk management approach. International Journal of
Production Economics, 171, pp.455-470.
Hopkin, P., 2018. Fundamentals of risk management: understanding, evaluating and implementing effective risk management. Kogan
Page Publishers.
Sweeting, P., 2017. Financial enterprise risk management. Cambridge University Press.